Nanosatellite and Microsatellite Market 2023 | Industry Share and Forecast 2028
IMARC Group, a leading market research company, has recently releases report titled, “Nanosatellite and Microsatellite Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The study provides a detailed analysis of the industry, including the global nanosatellite and microsatellite market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the nanosatellite and microsatellite market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 2.5 Billion |
| Market Forecast in 2028 | US$ 7.2 Billion |
| Growth rate (2023 to 2028) | CAGR of 19.7% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is nanosatellite and microsatellite?
Nanosatellites and microsatellites (NaM) are small artificial satellites that collect real-time data in various forms, such as voice, images, videos, internet communication, and video chat. These miniature satellites are launched at low altitudes and travel at high speeds. According to the National Aeronautics and Space Administration (NASA), satellites are classified based on their total mass. Nanosatellites are artificial satellites that weigh between 1 kg and 10 kg, whereas microsatellites weigh between 11 kg and 100 kg. Nanosatellites with a standard size of 10 x 10 x 10 cm are called CubeSats. NaM offers optimal solutions for remote sensing and land observations, including geographical mapping, navigation, and scientific research. These satellites contain diverse hardware, software, and data processing devices that can be used for geographical mapping, navigation, and scientific research. In recent years, NaM is gaining immense traction across the globe for applications in water management systems and disaster relief and defense operations.
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What are the growth prospects and trends in the nanosatellite and microsatellite industry?
The global nanosatellite and microsatellite market is primarily driven by rapid growth in the aeronautic and satellite industry, along with advancements in miniaturization technologies across various sectors. Moreover, the rising use of NaMs in the civil, commercial, and defense sectors to conduct low-cost space missions, including geolocation, signal monitoring, and communications, is positively influencing the market growth. Apart from this, the integration of these satellites with artificial intelligence (AI), robotics, and the Internet of Things (IoT) to provide improved spacecraft reliability, efficient communications and computing capabilities, and enhanced mission coordination is another major growth-inducing factor. In addition, the introduction of Very High Frequency (VHF), Ultra High Frequency (UHF), and visible transmission technologies that improve signal frequencies and overall data transfer speeds between the satellite and ground stations are propelling the market growth. For instance, key players such as GomSpace, Planet Labs, and Sierra Nevada Corporation have launched constellations of micro and nanosatellites to offer a wide range of satellite-based services. Additionally, rising investments by governments of numerous countries in NaM for low-cost space missions, including geolocation, signal monitoring, and communications, are propelling the market growth. Besides this, the increasing use of NaMs, which include microsatellites and nanosatellites in space research, communication, and commercial applications owing to their cost-effectiveness and versatility, has augmented the product demand. Along with this, the surging demand for nanosatellites and microsatellites due to their faster development cycles, lightweight characteristics, high capability of executing complex computing jobs, and reduced launch costs is contributing to the market growth. Other factors, including ongoing research and development (R&D) in space science, rising demand for earth observation related applications, and development of solar panels and star tracker technologies, are also anticipated to drive the market further.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Satellite Mass:
- Nanosatellite (1kg to 10kg)
- Microsatellite (10kg to 100kg)
Breakup by Component:
- Hardware
- Software and Data Processing
- Space Services
- Launch Services
Breakup Application:
- Communication
- Earth Observation and Remote Sensing
- Scientific Research
- Biological Experiments
- Technology Demonstration and Verification
- Academic Training
- Mapping and Navigation
- Reconnaissance
- Others
Breakup by End-Use Sector:
- Government
- Civil
- Commercial
- Defense
- Energy and Infrastructure
- Others
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- AAC Clyde Space.
- Axelspace Corporation
- Berlin Space Technologies
- GomSpace
- ISISPACE Group
- L3harris Technologies Inc.
- Lockheed Martin Corporation.
- Planet Labs Tb Inc.
- Spacequest Ltd.
- Spire Inc.
- Surrey Satellite Technology
- Tyvak Nano-Satellite Systems, Inc.
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